Catalent downgraded to Hold from Buy at Jefferies

Jefferies downgraded Catalent to Hold from Buy with a price target of $44, down from $45. The analyst lowering 2024 EBITDA estimates for the third time in a month after management cut 2023 revenue and EBITDA guidance by another $25M each. Catalent’s core growth in fiscal 2024 is limited due to biotech funding weakness, soft consumer demand, and timing of capacity additions in growth areas, the analyst tells investors in a research note. The firm sees a balanced risk/reward at current share levels.